Did you enjoy reading this?
Receive insider tips on how to optimize and grow your business!
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
If you’ve noticed that at the end of every month you're always staring at your bank account in confusion wondering where your money went, we have some tips for you. Here’s a list of 5 habits that will help you spend less and save more money in 2023.
1. Buying in bulk
Most things cost less when you buy them in bulk. For example you spend less on your shipping or packaging supplies when you buy them in larger quantities. Bulk purchases also mean you get to make less trips to the stores or if you're buying online you don't have to pay delivery fee multiple times. Buying in bulk also means you shop less often and this saves you time and spares you the temptation to buy items you don’t really need.
2. Automate savings and bills
Automating your savings and bills will ensure that all important bills are paid when due and help you build a savings for emergencies. Make a list of the important bills you need to pay every month and set up an automatic transfer from your bank account so these bills are paid on time each month. This hack will make it easier to resist the temptation to overspend.
3. Postpone purchases
Know the difference between items you want, and items you need. You don’t need a new fancy mug or gadget but you definitely need to pay your electricity bill. This doesn’t mean you should never spend your money on fancy items. It just means you shouldn’t buy them on impulse. A great way to curb impulse buying is to stick to the “Don’t buy it at first sight” rule. you see them, give it an interval of 2 days and if you still want the item, you can buy. Most of the time you’ll realize that you don't really need that item.
4. Prioritize quality over quantity
Inferior products don’t last, this means you have to buy them multiple times. Instead, if you buy a quality product the first time, you get to use it for a much longer time without needing to buy a replacement. Always go with the most durable option so you don’t have to keep spending money on the same item.
5. Respect your budget
Notice how we didn’t put “Have a budget” on this list? That’s because a budget only works if you keep to it. A budget in itself is just a list, it only does what it's supposed to do if you follow what’s written on it. Always take your budget seriously. Never be too shy or embarrassed to say “It’s above my budget”. If you’re a business owner, we also have a list of 4 finance mistakes that could be killing your business.
Did you find this helpful? We have more content like this HERE.